Buy Voltas, target price Rs 1015: Kotak Securities

Kotak Securities has buy call on Voltas Ltd. with a target price of Rs 1015. The current market price of Voltas Ltd. is Rs 984.3.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 32570.64 Crore) operating in Consumer Durables sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 2046.26 Crore, up 23.96 % from last quarter Total Income of Rs 1650.80 Crore and up 32.29 % from last year same quarter Total Income of Rs 1546.76 Crore. Company reported net profit after tax of Rs 148.70 Crore in latest quarter.

Investment Rationale
Rounding bottom chart formation supported by sloping trend line breakout on the daily chart signifying strong reversal.

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of Dec 30, 2020, while FIIs held 14.6 per cent, DIIs 37.4 per cent and public and others 17.8 per cent.